CAROLINE THEOBALD is lucky to be alive after suffering three horrendous skiing accidents.

Over the course of 20 years, she has broken her neck, hurt her back and suffered a host of other serious skiing-related injuries that have seen her not only airlifted to hospital, but had to be flown home and endure months of painful treatment back in the UK.

The one bright spot on the horizon has been that Caroline, 47, has been insured to cover the cost of most of her treatment - although she has learnt the hard way that travel insurance is not the only safeguard you should have in place.

Following her third skiing accident in March last year, the self-employed businesswoman was forced to stay off work for six months - with no insurance to cover her loss of income.

But Caroline is the first to admit she is luckier than most. For without her travel cover her three accidents would have left her facing medical and other bills of tens of thousands of pound - and would almost certainly have financially crippled her.

Caroline, who has two grown-up children, says: "I am living proof you need adequate travel insurance. I am not silly about it - I don't take unnecessary risks.

"All my injuries have been caused by freak accidents. My first one in my mid 20s, when I broke my neck and seriously injured my spine, was caused by a faulty ski. I fell forward and I was very lucky I didn't cut my head off.

"I had to be taken by air ambulance to hospital and then flown home. My second accident was in 1997 - the year after my husband died - when my boot got stuck in the mechanism in the chairlift and I was thrown 12 feet.

"I aggravated my first injuries to my neck and spine and again had to be airlifted off the mountain. My insurance covered me for all that, but where I did go wrong was that I didn't have sufficient medical cover for the intensive physiotherapy I needed.

"That was when I learnt my lesson about making sure you have every angle covered. My insurance was enough to cover the air ambulance and get me home, but not enough for the after care."

Caroline's third accident happened on a train in Switzerland when the luggage rack tumbled on top of her, rendering her unconscious for 90 minutes.

"By this point, I was wised up and had everything covered, including the six months of intensive physiotherapy I needed afterwards. But unfortunately I hadn't thought of the consequences if I needed to be off work and I had no income protection insurance in place for the six months I had to take off work.

"I own and run a networking organisation and taking time off work is a problem when you are self-employed. I would advise everyone not just to think about the travel insurance, but what will happen if you can't work."

Despite her run of bad luck, Caroline has not been put off skiing and will be heading to Klosters early next year. She has annual travel insurance with the Co-op covering dangerous sports which is an extension of her household policy, and has also now taken out critical illness and income protection cover.

"My accidents were complete freaks, but show that you never know what is going to happen. I don't think anyone should go away on holiday without ensuring they are covered."

But of the 1.2 million British skiers expected to head for the slopes in the next 12 months, one in 20 won't have any insurance.

And according to Select and Protect, a leading provider of general and travel insurance, in the region of 4,200 will injure themselves so badly they will need medical attention.

While medical treatment may be free in this country, this is unfortunately not the case abroad. For example, to treat a broken leg in Europe could cost up to #2,000 and as much as #7,000 in the USA.

Extra transportation costs can add thousands to the price of treating an injury. And the task of transportation from the slopes to the nearest hospital and repatriation once you have been treated, can be enormously expensive too.

Skiers in Italy can expect to be charged #500 to be airlifted by helicopter from the piste and up to #900 in Switzerland.

And skiers nursing broken legs might have to pay for extra seats on the plane for the journey home. As Simon Hood, Select and Protect's chief executive, says: "The cost of sustaining an injury can be extremely high and therefore skiers should ensure that they have adequate cover for this aspect of their holiday.

"Many people just consider the cost of lost or damaged equipment and days lost when the slopes are closed. However, the most important and expensive side to cover is if the insured is injured - and not when it is too late to upgrade cover.

"Two examples of the cost are, for example, damage to ligaments which can result in costs amounting to #2,500, while a more serious accident such as a fractured spine could incur costs as high as #26,000.

"While the odds of sustaining an injury are quite low, the cost of doing so can be very high."

Select and Protect doesn't offer stand-alone travel insurance, but worldwide cover can be added to a household policy from as little as #9 a month for a family of up to six people or #7 a month for an individual.

Benefits include up to #5m medical expenses, up to 30 days' winter sports cover and piste closure up to #250.

Decent cover is a must for other reasons too, however. In these modern, litigation-obsessed times, skiers not only face the danger of injury, but also the possibility of being sued for damages if they cause an accident.

Eric Galbraith, chief executive of the British Insurance Brokers' Association (BIBA), says: "Many people think that once they have a travel insurance policy, that they are covered, but it is vital to ensure that you are not putting yourself in danger with a sub-standard policy or by relying on insurance that might not be valid.

"Many bank accounts and credit cards now offer complimentary travel insurance, but this cover might not go as far as you would expect and some are only valid if you have paid for your holiday with that card.

"Our advice is to check with your local BIBA broker before you leave that you have adequate insurance cover for your trip and make sure that your holiday does not become a financial nightmare."

Holiday companies are always keen to foist their own travel insurance on to skiers and snowboarders who buy their winter holiday packages.

But this can be expensive - and will usually only cover you for that one trip.

As a general rule, you are better off taking out an annual travel policy that includes cover for winter sports.

While the upfront cost is more than a single policy, if you go abroad more than once a year you will almost certainly save money, however. As Caroline says:

"I know some of the travel policies seem expensive, but you have to set that cost against the costs that would be involved in having an accident. For the sake of a few pounds, it's a stupid thing to do."

For example, Churchill's winters sports cover for one week in Europe costs #21 for a single person. This includes medical expenses up to #5m for a single person as well as #25,000 legal expenses.

Worldwide cover for a single person costs #39.50, while annual, individual cover including winter sports is #60.50 for Europe and #90 worldwide.

More Than, meanwhile, charges #43 for a seven-day ski trip for a single person within the EU, rising to #120 for worldwide. For a family of up to six people, EU cover is #100 or #230 worldwide.

An annual policy for a single person within the EU is #52.50 or #97.50 for a family. Worldwide cover is #99 and #155 respectively. All include up to #10m emergency medical expenses and up to #30,000 if you are accidentally injured.

If you are skiing in Europe, remember to take form E111 with you as it entitles you to some free treatment if you need medical help. But check you are covered. While Switzerland comes under the E111 remit even though it's not in the EU, some other newly-popular European skiing destinations, such as Bulgaria and Romania, aren't.

Joanne Field, marketing manager for American Express Travel Insurance, comments: "Winter sports injuries are all too common. Skiers and snow-boarders should not be lulled into a false sense of security that they are covered by E111.

"Whilst the E111 will provide cover for some medical treatment it does not cover the costs of an air ambulance, for example, which last season cost as much as 3,000 euros.

"Repatriation costs are also not covered by the E111. Current costs of repatriation from North America are in the region of #10,000, and can often be more as a fracture injury usually requires more leg room - and therefore more seats - on the flight home."

Joanne continues: "With costs like these it is important that travellers protect themselves against the prohibitive costs they could encounter without insurance in the event of a mishap on the slopes."